Lovesac priced an upsized IPO above the range at $16. The stock begins trading Wednesday on the Nasdaq under the symbol LOVE. At $16, it's valued at $213 million, with an enterprise value of $163 million (1.5x LTM sales). The company opened for trading with a gain of about 30%.
Aspirational beanbag chairs: Lovesac sells premium beanbag seating that retails for an eye-popping $350-$1,300, targeting millennials. The company recently saw stellar growth, but many new competitors have emerged, offering beanbags at a fraction of the price. These include Comfy Sack, which boasts that it furnished Apple's corporate offices, as well as MonsterSak and Xorbee.
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